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Non-Manufacturing Grows But Slower In June

Like the manufacturing sector, the non-manufacturing sector of the U.S. economy continued to grow in June but at a slower rate than in May, according to the Institute for Supply Management (ISM), Tempe, Ariz.

Its business activity index for non-manufacturing was 57% in June, down 3.1 percentage points from May's 60.1%. A figure above 50% indicates that the sector is generally expanding; a figure below 50% signals it is contracting.

New orders and employment both grew in June, although more slowly than in May. ISM's new orders index for non-manufacturers was 56.6% in June, down three percentage points from 59.6% in May. Its employment index for non-manufacturers was 52% in June, down six percentage points from 58% in May.

The non-manufacturing sector of the U.S. economy includes mining, utilities, construction, business services, and finance and banking.